A new research by brand agency MBLM revealed how people fell more in love with certain brands after covid. The study was called the Brand Intimacy Covid Study. Why should we give a rip? Because apparently people are willing to pay 20% more for a brand that has a higher intimacy rating. That’s not all that’s good about this status. These brands have a higher revenue, profit and stock price growth versus before covid. How exactly do you make the same thing happen for you?
The types of things rated by consumers about a brand that make it ‘intimate’ were things like: whether it fulfilled expectations, if it had an aspirational image, if customers felt that it enhanced their lives, if it was part of their every day lives, if it evoked nostalgic feelings and lastly whether it created a feeling of indulgence and pampering.
The top 5 brands that consumers had intimacy with during covid were Apple, Amazon, Google, Walmart and Youtube. How has it shifted from before the pandemic? Many of the top Brand Intimacy performers were still on top and there were only three new top 10 entrants (Google, YouTube, and Toyota). However, the research did point to a shift in focus, with more media & entertainment brands being in the top 10 and fewer automotive brands.
What’s In it For You?
Here are the determinants of creating an intimate brand for your business as defined by the agency who ran the study. 1. Sharing: when the potential user and the brand interact. This is what your blogs, your videos and your website are all about. To introduce you to your prospect. 2. Bonding: This is when trust is being built through a meeting, a connection call or networking together. 3. Fusing: When a brand and the prospects are deeply connecting. This is when you invite them to consume a free version of your offer or take your free course.
It’s clear that if you do all three of these things with your prospects, not only will your brand become price-elastic (you can charge more) but you will have faster close rates and deeper relationships that turn into referrals. After all, intimacy counts…and it counts big.